A GROUND-BREAKING project near Coventry is to receive a share of £200m to boost local economies, David Cameron has announced.

The new Manufacturing Technology Centre at Ansty Park will benefit from a major cash injection.

The Prime Minister set out plans to “transform our fortunes” by helping businesses flourish, in a speech to the CBI.

His plan to promote economic growth followed Chancellor George Osborne’s Spending Review last week – which cut spending by £81 billion in a move which could cost 490,000 public sector jobs.

The government admitted posts would be lost but argued that new jobs would be created in the private sector.

Launching the government’s new National Infrastructure Plan at the CBI’s annual conference, Mr Cameron said £200 million would be provided for technology and innovation centres over the next four years, to help universities and businesses work together.

They include the Manufacturing Technology Centre at Ansty, near Coventry, which involves leading firms such as Jaguar Land Rover, Rolls Royce, Airbus and Aero Engine Controls working closely with Birmingham, Loughborough and Nottingham Universities.

Construction of the £130 million centre began in April and is due to be completed next year.

The aim of the extra funding announced by Mr Cameron will be to help each centre specialise in an area of expertise, such as high technology manufacturing.

Mr Cameron said: “We are not as good as some of our competitors in turning great ideas into goods and services people can buy. We will invest over £200m in technology and innovation centres over the next four years.

“These centres will sit between universities and businesses.”

In his speech to the CBI, Labour leader Ed Miliband accused the government of failing to do enough to support manufacturing – but admitted Labour had been guilty of the same mistake.

He said: “Under governments of both parties, we let other countries steal a march on us.”